Weekly Real Estate Take [July 2024 - Week 4]

The number of new single-family detached homes listed in Nanaimo this week has held steady with 43 new listings hitting the market. New sales have dropped by 50% with 12 sales reported this week, compared to 25 reported last week. Late July and early August we typically see a reduction in both sales and new listings. This weekly trend is showing a decline in sales but not new listings. This is in line with my current forecast of subtle rising inventory with no upward pressure on prices.

If you are interested in learning what the market conditions are for your home, drop me an email and we can arrange for a conversation about your needs. Replies to this weekly email come directly to my personal inbox and I read and reply to every email I receive. I pride myself on my clients having direct contact and access to me.

- John Cooper

Notable New Listings

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 260 Deer Lane a 3 bed, 4 bath, 2,540 sqft Uplands home listed for $599,900 ($236/sqft), 1601 Cardinal Way a 4 bed, 3 bath, 2,614 sqft Central Nanaimo home listed for $799,000 ($306/sqft), 1059 Old Victoria Rd a 4 bed, 3 bath, 3,198 sqft Chase River home listed for $999,000 ($312/sqft).

The 3 homes listed this week with the highest $/sqft are 626 Winchester Ave a 2 bed, 1 bath, 980 sqft South Nanaimo home listed for $679,900 ($694/sqft), 3503 Monterey Dr a 3 bed, 2 bath, 1,538 sqft North Jingle Pot home listed for $989,000 ($643/sqft), 156 Golden Oaks Cres a 3 bed, 4 bath, 3,596 sqft Hammond Bay home listed for $2,099,900 ($584/sqft).

The 3 homes priced the most below their assessed value are 369 Nottingham Dr a 4 bed, 5 bath, 3,646 sqft Departure Bay home listed for $1,180,000 (30% below its tax-assessed value), 260 Deer Lane a 3 bed, 4 bath, 2,540 sqft Uplands home listed for $599,900 (23% below its tax-assessed value), 5675 Brookwood Dr a 4 bed, 2 bath, 1,786 sqft  Uplands home listed for $649,900 (10% below its tax-assessed value).

The 3 highest priced new listings this week are 156 Golden Oaks Cres a 3 bed, 4 bath, 3,596 sqft  Hammond Bay home listed for $2,099,900, 206 Crestline Terr a 6 bed, 4 bath, 2,974 sqft  Hammond Bay home listed for $1,699,000, 3474 Santa Fe Pl a 5 bed, 4 bath, 3,580 sqft  North Jingle Pot home listed for $1,375,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 229 Seven Oaks Pl secured a 15% discount off the $840,000 asking price (sale price $715,000). The buyers of 1648 Mallard Dr secured a 11% discount off the $724,900 asking price (sale price $645,000). The buyers of 2868 Gordons Lane secured a 6% discount off the $1,825,000 asking price (sale price $1,720,000).

The 3 highest cost per sqft sales this week were 2868 Gordons Lane a 5 bed, 4 bath, 2,428 sqft North Jingle Pot home sold for $1,720,000 ($708/sqft), 203 Linstead Pl a 3 bed, 3 bath, 2,188 sqft  North Nanaimo home sold for $1,150,000 ($526/sqft), 175 Berkeley Pl a 3 bed, 2 bath, 1,873 sqft  Hammond Bay home sold for $925,000 ($494/sqft).

The 3 highest sales this week were 2868 Gordons Lane a 5 bed, 4 bath, 2,428 sqft  North Jingle Pot home sold for $1,720,000. 6268 John Paul Pl a 4 bed, 4 bath, 3,013 sqft  North Nanaimo home sold for $1,325,000. 7221 Aulds Rd a 4 bed, 3 bath, 2,610 sqft  Upper Lantzville home sold for $1,179,900.

If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.